Professors Amanda Parsons and Salome Viljoen have published a draft on SSRN titled, “Valuing Social Data.” The draft is excellent, provides numerous insights and includes a very nice literature review.
Here is the abstract:
Social data production is a unique form of value creation
that characterizes informational capitalism. Social data production also
presents critical challenges for the various legal regimes that are
encountering it. This Article provides legal scholars and policymakers with the
tools to comprehend this new form of value creation through two descriptive
contributions. First, it presents a theoretical account of social data, a mode
of production which is cultivated and exploited for two distinct (albeit related)
forms of value: prediction value and exchange value. Second, it creates and
defends a taxonomy of three “scripts” that companies follow to build up and
leverage prediction value and describes the normative and legal ramifications
of these scripts.
The Article then applies these descriptive contributions to demonstrate how
legal regimes are failing to effectively regulate social data value creation.
Through the examples of tax law and data privacy law, it demonstrates these
struggles in both legal regimes that have historically regulated value
creation, like tax law, and legal regimes that have been newly tasked with
regulating value creation by informational capitalism, like privacy and data
protection law.
The Article argues that separately analyzing data’s prediction value and its
exchange value may be helpful to understanding the challenges the law faces in
governing social data production and the political economy surrounding such
production. This improved understanding will equip legal scholars to better
confront the harms of law’s failures in the face of informational capitalism,
reduce legal arbitrage by powerful actors, and facilitate opportunities to
maximize the beneficial potential of social data value.
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